Total monthly cost of ownership
Cost to Own a Home in Lubbock, Texas
A $198,000 home here costs
$1,798per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,018. The real number is $780 higher every month — 77% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Lubbock against Lubbock County and Texas
| Measure | Lubbock | Lubbock County |
|---|---|---|
| Median home value | $197,900 | $199,600 |
| Median property tax | $3,216 | $3,119 |
| Effective tax rate | 1.625% | 1.563% |
| Median gross rent | $1,137 | $1,134 |
| Population | 261,078 | 314,633 |
The weather behind that power bill
Lubbock sits in Lubbock County, which averages a high of 93.4°F in its hottest month and a low of 27.2°F in its coldest, with 18.33" of precipitation a year and 39% of it in a single three-month stretch. That climate drives 1,950 cooling and 3,243 heating degree days, which is what sets the $148 electricity line above.
See the full climate breakdown for Lubbock County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Lubbock County
Common questions
How much does it cost to own a home in Lubbock?
A $198,000 home in Lubbock, Texas costs approximately $1,798 per month with 20% down at 6.66%. That is $1,018 principal and interest, $268 property tax, $131 homeowners insurance, $216 utilities and $165 set aside for maintenance.
What is the property tax rate in Lubbock?
Lubbock has an effective property tax rate of 1.625%, based on a median home value of $197,900 and median real estate taxes of $3,216. That is higher than the Lubbock County average of 1.563%.
What is the average home price in Lubbock?
The median owner-occupied home value in Lubbock, Texas is $197,900, against $199,600 across Lubbock County.
Is it cheaper to rent or buy in Lubbock?
Median gross rent in Lubbock is $1,137 a month, against $1,798 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Lubbock — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Texas.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.